MSC INCOME FUND, INC.

Listed Company

MSIFCIK 0001535778NYSELarge AcceleratedFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$88.73M

Total Assets

$1.38B

Equity

$738.66M

Shares Out

46.03M

Op. Cash Flow

$-70.35M

Business

MSC INCOME FUND, INC. is a principal investment firm that provides debt capital primarily to private companies owned by or being acquired by private equity funds under its Private Loan investment strategy. It offers secured debt investments, direct equity positions, warrants, convertible securities and customized “one‑stop” debt and equity financing solutions, and it co‑invests with affiliates and private equity sponsors. Its key business segments consist of Private Loan, Lower Middle Market (LMM), Middle Market and Other Portfolio investments, with new investment activity focused on Private Loan opportunities. MSC Income primarily targets U.S.-based companies and sources transactions through its Adviser’s origination network, strategic relationships, syndications and co‑investment channels.

Summary from filing dated 2025-03-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total investment income	139	135	131	104	90
Interest	−34	−39	−36	−24	—
Base management fee	−20	−21	−20	−20	−17
Incentive fee on income	−12	−12	−13	—	—
Incentive fee on capital gains	−3	0	0	—	—
General and administrative	−4	−4	−4	−4	−4
Internal administrative services expenses	−701,000	−10	−9	−5	−4
Total expenses before expense waivers	−74	−87	−82	−55	−41
Waiver of internal administrative services expenses	0	9	8	5	4
Total expenses, net of expense waivers	−74	−78	−74	−51	−37
NET INVESTMENT INCOME BEFORE TAXES	66	57	58	53	53
Excise tax expense	−510,000	−851,000	−519,000	—	—
Federal and state income and other tax expenses	−3	−3	−2	—	—
NET INVESTMENT INCOME	62	54	55	—	—
Total net realized gain (loss)	−10	16	−34	−4	−498,000
Total net unrealized appreciation (depreciation)	36	−15	46	−2	25
Income tax benefit (provision) on net realized gain (loss) and net unrealized appreciation (depreciation)	50,000	2	−2	−1	−2
Net increase in net assets resulting from operations	89	57	66	46	74
NET INVESTMENT INCOME PER SHARE BASIC (in dollars per share)	1.33	1.34	1.38	1.32	0.67
NET INVESTMENT INCOME PER SHARE DILUTED (in dollars per share)	1.33	1.34	1.38	1.32	0.67
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHAREBASIC (in dollars per share)	1.91	1.41	1.65	1.14	0.92
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHAREDILUTED (in dollars per share)	1.91	1.41	1.65	1.14	0.92
WEIGHTED-AVERAGE SHARES OUTSTANDINGBASIC (in shares)	46	40	40	40	80
WEIGHTED-AVERAGE SHARES OUTSTANDINGDILUTED (in shares)	46	40	40	40	80

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Investments at fair value:	1,335	1,178	1,093	1,068	—
Cash and cash equivalents	21	28	31	21	—
Interest and dividend receivable	12	12	11	12	—
Deferred financing costs (net of accumulated amortization of $7,259 and $6,449 as of December 31, 2025 and 2024, respectively)	3	2	3	3	—
Prepaids and other assets	10	4	2	2	—
Deferred tax asset, net	0	625,000	0	—	—
Total assets	1,381	1,225	1,140	1,107	—
Debt	603	565	485	471	—
Accounts payable and other liabilities	4	5	255,000	1	—
Interest payable	6	7	6	5	—
Dividend payable	17	14	14	13	—
Base management and incentive fees payable	8	9	9	7	—
Deferred tax liability, net	5	0	3	362,000	—
Total liabilities	642	600	518	497	—
Commitments and contingencies (Note I)	—	—	—	—	—
Common stock, $0.001 par value per share (450,000,000 shares authorized; 46,588,608 and 40,240,358 shares issued and outstanding as of December 31, 2025 and 2024, respectively)	47,000	40,000	40,000	80,000	—
Additional paid-in capital	782	690	686	684	—
Total overdistributed earnings	−43	−65	−64	−75	—
Total net assets	739	625	622	610	613
Total liabilities and net assets	1,381	1,225	1,140	1,107	—
NET ASSET VALUE PER SHARE (in dollars per share)	15.85	15.53	15.54	15.22	15.36

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Investments in portfolio companies	−411	−325	−236	−217	−547
Proceeds from sales and repayments of debt investments in portfolio companies	253	217	223	247	313
Proceeds from sales and return of capital of equity investments in portfolio companies	46	42	16	0	0
Accretion of unearned income	−7	−8	−8	−5	−5
Payment-in-kind interest	−8	−8	−5	−4	−5
Cumulative dividends	−1	−265,000	−172,000	−669,000	0
Amortization of deferred financing costs	1	3	2	1	1
Amortization of deferred offering costs	0	0	129,000	276,000	230,000
Deferred taxes	6	−4	3	—	—
Interest and dividend receivable	−2	−4	116,000	1	−5
Prepaid and other assets	−5	−2	329,000	−361,000	380,000
Accounts payable and other liabilities	−1	4	−1	−2	816,000
Interest payable	−963,000	643,000	823,000	2	3
Base management and incentive fees payable	−120,000	−237,000	2	2	1
Net cash provided by (used in) operating activities	−70	−28	50	77	−191
Proceeds from public offering of common stock, net of underwriting and offering costs	91	0	0	—	—
Issuance of common stock	0	7	9	750,000	674,000
Redemption of common stock	−12	−21	−24	−16	−10
Payment of offering costs	0	0	−129,000	−276,000	−230,000
Dividends paid	−52	−40	−36	−33	−19
Proceeds from Credit Facilities	434	281	150	115	490
Repayments on Credit Facilities	−397	−201	−136	−220	−365
Payment of deferred financing costs	−2	−851,000	−2	−149,000	−6
Net cash provided by (used in) financing activities	63	26	−41	−81	168
Net increase (decrease) in cash and cash equivalents	−8	−2	9	−5	−23
Interest paid	34	36	34	21	10
Taxes paid	6	709,000	2	2	1
Dividends declared and unpaid	17	14	14	13	12
Value of shares issued pursuant to the dividend reinvestment plan	14	18	18	18	11

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